A Health insurance Marketplace is a place where you can shop for and compare insurance plans in your state. It is also known as an exchange. You can do it through an insurance broker or online or by phone. The Marketplace of your state has tools to help you compare your choices and pick the plan you need. If you are a Florida resident, you can observe Florida health insurance marketplace for getting health related insurance information.
Florida Health Insurance Marketplace:
Florida health insurance marketplace is a place where eligible residents of Florida can shop for and buy insurance in person, by phone or online. In Florida, the health insurance marketplace also called an Exchange is conducted by the federal government.
- Florida health insurance marketplace is mainly for following people
- People who never insured by their employer
- People who don’t have insurance
- People who don’t have Medicare
- People who aren’t included in their spouse’s employer insurance
- People who have preceding conditions and may have had trouble getting insurance before
- People who have a small business
Enrollment period: Generally enrollment period is last 2months of every year. You can enrol online at HealthCare.gov or phone to 800-318-2596. From HealthCare.gov you can download an enrollment application. You can also take help from an insurance broker or a Navigator.
You don’t have to wait for the next enrollment period in the different life-changing event, such as losing your job, the birth of a child, moving to a new state. Within 60 days of the event, you can sign up or change coverage. At any time you can sign up for Medicaid.
Plans and Costs:
You will have to provide information about you and your family members when you apply. You will need the following checklist –
- Social Security number or document number
- W-2 Forms: Wage and tax statements or pay stubs for all employed members of the household. For people who are self-employed or do not have a regular salary, with an estimate of household income.
- health insurance plans Policy numbers of any member of the household
- Immigration or citizenship status
In Florida Health Insurance Marketplace all insurance plans are sold by private companies or co-ops. Usually, they offer four types of coverage, such as bronze, silver, gold, and platinum. These levels of plans all cover the same kinds of benefits. The difference is the payment on average toward the costs of health care services. Another plan is called catastrophic. In the catastrophic plan, monthly fees are less expensive, called as premium. People under 30 can take catastrophic plans.
According to HealthCare.gov the cost of plans are:
- Bronze Plan: You have to pay 40% and the plan pays 60%.
- Silver Plan: You have to pay 30% and the plan pays 70%.
- Gold Plan: You have to pay 20% and the plan pays 80%.
- Platinum Plan: You have to pay 10% and the plan pays 90%.
- Catastrophic Plan: You have to pay 100% of a set amount of money called the deductible before the plan’s coverage kicks in.
Cost: Generally in the marketplace cost of plans can be varied. It depends on your age, the number of people in your family, where you live, and your tobacco use. But they do not take extra charge from you for your sex and a pre-existing health condition.
In the insurance marketplace following factors should know to choose a plan
CCopay: You will have to pay a set amount for a health care service, such as a doctor visit.
Deductible: You will have to pay the amount before your coverage kicks in
Coinsurance: You will have to pay a percentage of costs for a health care service, for example- doctor’s visit
Choice of Health Care Provider: If you want to keep your existent doctor, you will have to check doctor’s network that he/she is on the same network or not. If you choose a doctor outside the network, you will have to pay either all or some of the cost of your health care.
Drug Coverage in Prescription: At present, if you take drugs, you should check the coinsurance and copayment requirements of the plan. You should also check whether the drug is on the plan’s list of covered medications.
Age: If you are under 30 years old and are good for health, you will be considered a plan with a lower premium, that is called catastrophic plan.
Previous conditions: If you need regular care, consider how many doctor and specialist visits and tests you may need.
You can take financial aid to help pay for insurance or for government sponsored insurance, like Medicaid or CHIP
Medicaid : If your income is too low, you can take assistance or premium subsidy from Medicaid.
CHIP: In Florida, Chip means Children’s Health Insurance Program, which provides coverage for children of some families who have a low income but are not eligible for Medicaid.
- You can visit Healthcare.gov to get help with your insurance decisions
- Call Center: You can also call Federal government’s help line 800-318-2596.It is opened for 24 hours a day, 7 days a week for information on insurance.
- Insurance Brokers and Agents: You can also get help from the people who are involved with insurance business and specially trained up to buy insurance through the Marketplace.
Florida health insurance marketplace provides cheap insurance options for individuals, families, kids and licensed professionals in Florida. Many Florida residents will qualify for reduced costs for health insurance Under the Affordable Care Act (ACA). In this health insurance marketplace, many private plans are available for purchase. Florida residents can easily choose their plans from insurance companies recognized nationwide.